Canadian property giant TrizecHahn is scaling back on site acquisition in the UKand Italy in favour of corporate acquisitions. The move comes at the cost of 10 jobs.
It is understood that half the departures will be from the London office and half from the Italian headquarters, leaving only six staff there. One source said Joe Larsen, who headed the development and leasing side, was returning to TrizecHahn in the US. “Apparently, it is reshuffling, and concentrating on those European countries where it is currently developing schemes,” said the source.
TrizecHahn’s managing director Philip Rose said the move reflected TrizecHahn’s stress on corporate acquisitions in Italy and the UK rather than individual developments. “A handful of people have been affected by our strategy to focus on corporate acquisitions rather than direct market opportunities in these countries,” he said.
TrizecHahn was created in 1996 when chief executive officer Peter Munk’s Horsham merged with North American Trizec.
The group has $6bn in assets. It is positioning itself as a leading pan-European retail operating company, and owns and develops leisure and retail centres in 10 European countries.
